Abstract:    In the age of digital intelligence, digital platforms serve as crucial vehicles for enterprises to transcend the constraints of resources and capabilities, thus enabling business model innovation. Uncovering the evolutionary process of business model innovation among technology start-ups within the framework of digital platforms carries significant theoretical and practical importance. From a stakeholder perspective, this paper employed the evolutionary game theory to analyze the intrinsic mechanisms driving business model innovation among technology start-ups on digital platforms. It constructed evolutionary game models for technology start-ups, customers, and core suppliers under different strategies, and selected certain typical enterprises for instance simulation. The research revealed that in different equilibrium states, the benefit maximization strategy choice of each game player is closely related to its initial strategy. Key parameters influencing strategic choices in the game encompass shifts in costs, income, levels of effort, as well as rewards and penalties imposed by core suppliers for value cocreation. Notably, the initial strategy selection probabilities of technology start-ups and customers exhibit a direct proportionality to the convergence rate of the chosen strategies among game participants, whereas the initial strategy selection probability of core suppliers demonstrates an inverse proportionality. These research findings will expand the research horizon of value co-creation theory, enrich the content of business model innovation theory, and provide practical insights for technology start-ups to undertake business model innovation within the context of digital platforms.

Key words: digital platform, business model innovation, value cocreation, stakeholder, evolutionary game